Sorrento Therapeutics (SRNE) Given a $40.00 Price Target at HC Wainwright

HC Wainwright set a $40.00 price objective on Sorrento Therapeutics (NASDAQ:SRNE) in a research note published on Wednesday, TipRanks reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

Several other brokerages also recently issued reports on SRNE. BidaskClub downgraded shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research note on Wednesday, April 3rd. B. Riley lifted their price target on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. ValuEngine downgraded shares of Sorrento Therapeutics from a buy rating to a hold rating in a research note on Wednesday, January 2nd. Finally, Zacks Investment Research downgraded shares of Sorrento Therapeutics from a hold rating to a sell rating in a research note on Saturday, February 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Sorrento Therapeutics presently has a consensus rating of Hold and an average target price of $20.67.

Shares of Sorrento Therapeutics stock opened at $3.89 on Wednesday. The firm has a market capitalization of $496.46 million, a PE ratio of 29.92 and a beta of 2.64. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.91 and a current ratio of 2.91. Sorrento Therapeutics has a 1 year low of $1.80 and a 1 year high of $8.25.

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Sorrento Therapeutics by 23.7% during the third quarter. BlackRock Inc. now owns 7,470,822 shares of the biopharmaceutical company’s stock valued at $32,871,000 after acquiring an additional 1,429,170 shares during the period. Man Group plc bought a new position in shares of Sorrento Therapeutics in the third quarter valued at about $1,118,000. MetLife Investment Advisors LLC raised its holdings in shares of Sorrento Therapeutics by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 66,374 shares of the biopharmaceutical company’s stock valued at $292,000 after buying an additional 23,595 shares during the last quarter. Virtus ETF Advisers LLC raised its holdings in shares of Sorrento Therapeutics by 97.5% in the fourth quarter. Virtus ETF Advisers LLC now owns 123,823 shares of the biopharmaceutical company’s stock valued at $297,000 after buying an additional 61,132 shares during the last quarter. Finally, FMR LLC bought a new position in shares of Sorrento Therapeutics in the third quarter valued at about $1,599,000. 25.64% of the stock is owned by institutional investors.

Sorrento Therapeutics Company Profile

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

Further Reading: Average Daily Trade Volume – ADTV

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